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Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The Company’s investments as of June 30, 2025 are summarized as follows: Schedule of Investments
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses (1) |  |  | Allowance for Credit Losses |  |  | Estimated Fair Value |
June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 77,652,340 |  |  | $ | 888,144 |  |  | $ | (247,044 | ) |  | $ | - |  |  | $ | 78,293,440 |
Obligations of states and political subdivisions |  |  | 3,550,803 |  |  |  | 15,484 |  |  |  | (213,175 | ) |  |  | - |  |  |  | 3,353,112 |
Corporate securities including public utilities |  |  | 284,854,952 |  |  |  | 5,161,683 |  |  |  | (4,397,245 | ) |  |  | (474,937 | ) |  |  | 285,144,453 |
Mortgage-backed securities |  |  | 26,532,070 |  |  |  | 119,743 |  |  |  | (3,743,849 | ) |  |  | (12,049 | ) |  |  | 22,895,915 |
Redeemable preferred stock |  |  | 750,000 |  |  |  | 4,800 |  |  |  | - |  |  |  | - |  |  |  | 754,800 |
Total fixed maturity securities available for sale |  | $ | 393,340,165 |  |  | $ | 6,189,854 |  |  | $ | (8,601,313 | ) |  | $ | (486,986 | ) |  | $ | 390,441,720 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 11,657,063 |  |  | $ | 5,506,182 |  |  | $ | (606,714 | ) |  |  |  |  |  | $ | 16,556,531 |
Total equity securities at estimated fair value |  | $ | 11,657,063 |  |  | $ | 5,506,182 |  |  | $ | (606,714 | ) |  |  |  |  |  | $ | 16,556,531 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 92,656,929 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 165,707,402 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 71,180,249 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (2,230,234 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for credit losses |  |  | (2,640,744 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (269,606 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 324,403,996 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 88,976,901 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 124,068,115 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 213,045,016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 2,941,487 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 151,553 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 3,093,040 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 14,208,030 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 45,161,992 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (2) |  |  | 1,324,800 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 26,477,699 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for credit losses for insurance assignments |  |  | (1,481,032 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total other investments and policy loans |  | $ | 85,691,489 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 9,659,711 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 1,042,891,503 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Gross unrealized losses are net of allowance for credit losses
(2) | Includes $581,600 of Membership stock and $743,200 of Activity stock attributable to short-term borrowings and letters of credit.
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2025 (Unaudited)
3) | Investments (Continued)
The Company’s investments as of December 31, 2024 are summarized as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses (1) |  |  | Allowance for Credit Losses |  |  | Estimated Fair Value |
December 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed maturity securities, available for sale, at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 74,680,606 |  |  | $ | 327,618 |  |  | $ | (486,976 | ) |  | $ | - |  |  | $ | 74,521,248 |
Obligations of states and political subdivisions |  |  | 6,416,751 |  |  |  | 1,762 |  |  |  | (290,448 | ) |  |  | - |  |  |  | 6,128,065 |
Corporate securities including public utilities |  |  | 262,954,278 |  |  |  | 2,444,842 |  |  |  | (6,922,871 | ) |  |  | (408,944 | ) |  |  | 258,067,305 |
Mortgage-backed securities |  |  | 31,710,436 |  |  |  | 125,764 |  |  |  | (4,244,640 | ) |  |  | (12,049 | ) |  |  | 27,579,511 |
Redeemable preferred stock |  |  | 250,000 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 250,000 |
Total fixed maturity securities available for sale |  | $ | 376,012,071 |  |  | $ | 2,899,986 |  |  | $ | (11,944,935 | ) |  | $ | (420,993 | ) |  | $ | 366,546,129 |
Equity securities at estimated fair value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial, miscellaneous and all other |  | $ | 11,386,454 |  |  | $ | 4,976,567 |  |  | $ | (591,340 | ) |  |  |  |  |  | $ | 15,771,681 |
Total equity securities at estimated fair value |  | $ | 11,386,454 |  |  | $ | 4,976,567 |  |  | $ | (591,340 | ) |  |  |  |  |  | $ | 15,771,681 |
Mortgage loans held for investment at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 92,061,787 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential construction |  |  | 151,172,733 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 62,753,085 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Unamortized deferred loan fees, net |  |  | (2,082,241 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for credit losses |  |  | (1,885,390 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Net discounts |  |  | (272,616 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total mortgage loans held for investment |  | $ | 301,747,358 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for investment - net of accumulated depreciation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 71,618,410 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 126,074,928 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for investment |  | $ | 197,693,338 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Real estate held for sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential |  | $ | 1,126,480 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  | 151,553 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total real estate held for sale |  | $ | 1,278,033 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments and policy loans at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy loans |  | $ | 14,019,248 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance assignments |  |  | 48,493,858 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Federal Home Loan Bank stock (2) |  |  | 2,404,900 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other investments |  |  | 11,473,961 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less: Allowance for credit losses for insurance assignments |  |  | (1,536,926 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total policy loans and other investments |  | $ | 74,855,041 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accrued investment income |  | $ | 8,499,168 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total investments |  | $ | 966,390,748 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
(1) | Gross unrealized losses are net of allowance for credit losses
(2) | Includes $553,900 of Membership stock and $1,851,000 of Activity stock due to short-term advances and letters of credit.
Schedule of Fair Value of Fixed Maturity Securities | Schedule of Fair Value of Fixed Maturity Securities
|  | Unrealized Losses for Less than Twelve Months |  |  | Fair Value |  |  | Unrealized Losses for More than Twelve Months |  |  | Fair Value |  |  | Total Unrealized Loss |  |  | Combined Fair Value |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 26,314 |  |  | $ | 11,809,789 |  |  | $ | 220,730 |  |  | $ | 10,858,448 |  |  | $ | 247,044 |  |  | $ | 22,668,237 |
Obligations of states and political subdivisions |  |  | 5,234 |  |  |  | 194,766 |  |  |  | 207,941 |  |  |  | 2,209,174 |  |  |  | 213,175 |  |  |  | 2,403,940 |
Corporate securities |  |  | 572,966 |  |  |  | 38,970,717 |  |  |  | 3,824,279 |  |  |  | 71,639,210 |  |  |  | 4,397,245 |  |  |  | 110,609,927 |
Mortgage-backed securities |  |  | 5,410 |  |  |  | 638,290 |  |  |  | 3,738,439 |  |  |  | 18,084,388 |  |  |  | 3,743,849 |  |  |  | 18,722,678 |
Totals |  | $ | 609,924 |  |  | $ | 51,613,562 |  |  | $ | 7,991,389 |  |  | $ | 102,791,220 |  |  | $ | 8,601,313 |  |  | $ | 154,404,782 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities and obligations of U.S. Government agencies |  | $ | 8,737 |  |  | $ | 986,365 |  |  | $ | 478,239 |  |  | $ | 22,110,495 |  |  | $ | 486,976 |  |  | $ | 23,096,860 |
Obligations of states and political subdivisions |  |  | 15,003 |  |  |  | 2,167,918 |  |  |  | 275,445 |  |  |  | 3,008,385 |  |  |  | 290,448 |  |  |  | 5,176,303 |
Corporate securities including public utilities |  |  | 1,888,022 |  |  |  | 93,562,219 |  |  |  | 5,034,849 |  |  |  | 77,975,776 |  |  |  | 6,922,871 |  |  |  | 171,537,995 |
Mortgage-backed securities |  |  | 32,150 |  |  |  | 2,915,192 |  |  |  | 4,212,490 |  |  |  | 19,041,442 |  |  |  | 4,244,640 |  |  |  | 21,956,634 |
Totals |  | $ | 1,943,912 |  |  | $ | 99,631,694 |  |  | $ | 10,001,023 |  |  | $ | 122,136,098 |  |  | $ | 11,944,935 |  |  | $ | 221,767,792 |
Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation | Schedule of Credit Quality of Fixed Maturity Security Portfolio by NAIC Designation
|  |  | June 30, 2025 |  |  | December 31, 2024 |
NAIC Designation |  |  | Amortized Cost |  |  | Estimated Fair Value |  |  | Amortized Cost |  |  | Estimated Fair Value |
| 1 |  |  | $ | 201,287,345 |  |  | $ | 199,440,878 |  |  | $ | 188,386,980 |  |  | $ | 183,460,027 |
| 2 |  |  |  | 183,343,661 |  |  |  | 182,932,186 |  |  |  | 178,060,265 |  |  |  | 174,405,442 |
| 3 |  |  |  | 6,718,721 |  |  |  | 6,289,774 |  |  |  | 7,961,422 |  |  |  | 7,342,220 |
| 4 |  |  |  | 530,927 |  |  |  | 521,810 |  |  |  | 649,592 |  |  |  | 600,459 |
| 5 |  |  |  | 708,496 |  |  |  | 502,272 |  |  |  | 702,643 |  |  |  | 487,981 |
| 6 |  |  |  | 1,015 |  |  |  | - |  |  |  | 1,169 |  |  |  | - |
| Total |  |  | $ | 392,590,165 |  |  | $ | 389,686,920 |  |  | $ | 375,762,071 |  |  | $ | 366,296,129 |
Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale | The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the three month periods ended June 30, 2025 and 2024: Schedule of Allowance for Credit Losses on Fixed Maturity Securities Available for Sale
|  | Three Months Ended June 30, 2025 |
|  | U.S. Treasury securities and obligations of U.S. Government agencies |  |  | Obligations of states and political subdivisions |  |  | Corporate securities including public utilities |  |  | Mortgage-backed securities |  |  | Total |
Beginning balance - March 31, 2025 |  | $ | - |  |  | $ | - |  |  | $ | 495,251 |  |  | $ | 12,049 |  |  | $ | 507,300 |
Additions for credit losses not previously recorded |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Change in allowance on securities with previous allowance |  |  | - |  |  |  | - |  |  |  | (20,444 | ) |  |  | - |  |  |  | (20,444 | )
Reductions for securities sold during the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Reductions for securities with credit losses due to intent to sell |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Write-offs charged against the allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries of amounts previously written off |  |  | - |  |  |  | - |  |  |  | 130 |  |  |  | - |  |  |  | 130 |
Ending Balance - June 30, 2025 |  | $ | - |  |  | $ | - |  |  | $ | 474,937 |  |  | $ | 12,049 |  |  | $ | 486,986 |
|  | Three Months Ended June 30, 2024 |
|  | U.S. Treasury securities and obligations of U.S. Government agencies |  |  | Obligations of states and political subdivisions |  |  | Corporate securities including public utilities |  |  | Mortgage-backed securities |  |  | Total |
Beginning balance - March 31, 2024 |  | $ | - |  |  | $ | - |  |  | $ | 398,500 |  |  | $ | 12,049 |  |  | $ | 410,549 |
Additions for credit losses not previously recorded |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Change in allowance on securities with previous allowance |  |  | - |  |  |  | - |  |  |  | (16,289 | ) |  |  | - |  |  |  | (16,289 | )
Reductions for securities sold during the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Reductions for securities with credit losses due to intent to sell |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Write-offs charged against the allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries of amounts previously written off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending Balance - June 30, 2024 |  | $ | - |  |  | $ | - |  |  | $ | 382,211 |  |  | $ | 12,049 |  |  | $ | 394,260 |
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2025 (Unaudited)
3) | Investments (Continued)
The following tables present a roll forward of the Company’s allowance for credit losses on fixed maturity securities available for sale for the six month periods ended June 30, 2025 and 2024:
|  | Six Months Ended June 30, 2025 |
|  | U.S. Treasury securities and obligations of U.S. Government agencies |  |  | Obligations of states and political subdivisions |  |  | Corporate securities including public utilities |  |  | Mortgage-backed securities |  |  | Total |
Beginning balance - December 31, 2024 |  | $ | - |  |  | $ | - |  |  | $ | 408,944 |  |  | $ | 12,049 |  |  | $ | 420,993 |
Additions for credit losses not previously recorded |  |  | - |  |  |  | - |  |  |  | 72,000 |  |  |  | - |  |  |  | 72,000 |
Change in allowance on securities with previous allowance |  |  | - |  |  |  | - |  |  |  | (6,007 | ) |  |  | - |  |  |  | (6,007 | )
Reductions for securities sold during the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Reductions for securities with credit losses due to intent to sell |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Write-offs charged against the allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries of amounts previously written off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending Balance - June 30, 2025 |  | $ | - |  |  | $ | - |  |  | $ | 474,937 |  |  | $ | 12,049 |  |  | $ | 486,986 |
|  | Six Months Ended June 30, 2024 |
|  | U.S. Treasury securities and obligations of U.S. Government agencies |  |  | Obligations of states and political subdivisions |  |  | Corporate securities including public utilities |  |  | Mortgage-backed securities |  |  | Total |
Beginning balance - December 31, 2023 |  | $ | - |  |  | $ | - |  |  | $ | 308,500 |  |  | $ | 6,049 |  |  | $ | 314,549 |
Balance |  | $ | - |  |  | $ | - |  |  | $ | 308,500 |  |  | $ | 6,049 |  |  | $ | 314,549 |
Additions for credit losses not previously recorded |  |  | - |  |  |  | - |  |  |  | 30,000 |  |  |  | 6,000 |  |  |  | 36,000 |
Change in allowance on securities with previous allowance |  |  | - |  |  |  | - |  |  |  | 43,711 |  |  |  | - |  |  |  | 43,711 |
Reductions for securities sold during the period |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Reductions for securities with credit losses due to intent to sell |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Write-offs charged against the allowance |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Recoveries of amounts previously written off |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending Balance - June 30, 2024 |  | $ | - |  |  | $ | - |  |  | $ | 382,211 |  |  | $ | 12,049 |  |  | $ | 394,260 |
Balance |  | $ | - |  |  | $ | - |  |  | $ | 382,211 |  |  | $ | 12,049 |  |  | $ | 394,260 |
Schedule of Investments Classified by Contractual Maturity Date | The table below presents the amortized cost and the estimated fair value of fixed maturity securities available for sale as of June 30, 2025, by contractual maturity. Actual or expected maturities may differ from contractual maturities because certain securities afford the issuer the right to call or prepay its obligations. Schedule of Investments Classified by Contractual Maturity Date
|  | Amortized Cost |  |  | Estimated Fair Value |
Due in 1 year |  | $ | 13,289,170 |  |  | $ | 13,145,351 |
Due in 2-5 years |  |  | 136,097,256 |  |  |  | 136,429,699 |
Due in 5-10 years |  |  | 131,592,054 |  |  |  | 133,912,390 |
Due in more than 10 years |  |  | 85,079,615 |  |  |  | 83,303,565 |
Mortgage-backed securities |  |  | 26,532,070 |  |  |  | 22,895,915 |
Redeemable preferred stock |  |  | 750,000 |  |  |  | 754,800 |
Total |  | $ | 393,340,165 |  |  | $ | 390,441,720 |
Schedule of Major Categories of Net Investment Income | Information regarding sales of fixed maturity securities available for sale is presented as follows. Schedule of Major Categories of Net Investment Income
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Proceeds from sales |  | $ | 15,172 |  |  | $ | 427,253 |  |  | $ | 2,764,641 |  |  | $ | 607,242 |
Gross realized gains |  |  | - |  |  |  | 24,031 |  |  |  | 526 |  |  |  | 24,334 |
Gross realized losses |  |  | (711 | ) |  |  | (36,646 | ) |  |  | (542 | ) |  |  | (37,499 | )
Major categories of net investment income were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fixed maturity securities available for sale |  | $ | 4,749,965 |  |  | $ | 4,345,704 |  |  | $ | 9,414,798 |  |  | $ | 8,749,262 |
Equity securities |  |  | 247,633 |  |  |  | 176,448 |  |  |  | 440,263 |  |  |  | 344,596 |
Mortgage loans held for investment |  |  | 12,457,357 |  |  |  | 7,021,559 |  |  |  | 20,421,897 |  |  |  | 15,835,595 |
Real estate held for investment and sale |  |  | 2,872,566 |  |  |  | 3,285,019 |  |  |  | 5,832,278 |  |  |  | 6,800,080 |
Policy loans |  |  | 235,758 |  |  |  | 189,131 |  |  |  | 480,363 |  |  |  | 490,398 |
Insurance assignments |  |  | 5,138,214 |  |  |  | 4,886,015 |  |  |  | 10,870,365 |  |  |  | 9,962,563 |
Other investments |  |  | 82,349 |  |  |  | 201,342 |  |  |  | 243,835 |  |  |  | 400,301 |
Cash and cash equivalents |  |  | 953,618 |  |  |  | 1,715,910 |  |  |  | 2,356,252 |  |  |  | 3,406,867 |
Gross investment income |  |  | 26,737,460 |  |  |  | 21,821,128 |  |  |  | 50,060,051 |  |  |  | 45,989,662 |
Investment expenses |  |  | (6,156,472 | ) |  |  | (3,776,320 | ) |  |  | (10,276,439 | ) |  |  | (7,998,286 | )
Net investment income |  | $ | 20,580,988 |  |  | $ | 18,044,808 |  |  | $ | 39,783,612 |  |  | $ | 37,991,376 |
Schedule of Assets on Deposit With Life Insurance | Assets on deposit with life insurance regulatory authorities as required by law were as follows: Schedule of Assets on Deposit With Life Insurance
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Fixed maturity securities available for sale at estimated fair value |  | $ | 7,469,005 |  |  | $ | 6,126,589 |
Other investments |  |  | 424,543 |  |  |  | 400,000 |
Cash and cash equivalents |  |  | 1,526,397 |  |  |  | 1,444,654 |
Total assets on deposit |  | $ | 9,419,945 |  |  | $ | 7,971,243 |
Assets held in trust related to third-party reinsurance agreements were as follows:
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Fixed maturity securities available for sale at estimated fair value |  | $ | 25,814,271 |  |  | $ | 25,309,270 |
Cash and cash equivalents |  |  | 4,766,926 |  |  |  | 4,417,683 |
Total assets on deposit |  | $ | 30,581,197 |  |  | $ | 29,726,953 |
The Company is a member of the Federal Home Loan Bank of Des Moines and Dallas (“FHLB”). Assets pledged as collateral with the FHLB are presented below. These pledged securities are used as collateral for any FHLB cash advances. As of June 30, 2025, the Company owed $15,000,000 to the FHLB for advances. The Company received $32,000,000 in advances and repaid $17,000,000 of these advances during the second quarter of 2025.
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Fixed maturity securities available for sale at estimated fair value |  | $ | 62,848,520 |  |  | $ | 63,800,454 |
Total assets pledged as collateral |  | $ | 62,848,520 |  |  | $ | 63,800,454 |
Schedule of Commercial Real Estate Investment | The Company’s commercial real estate held for investment is summarized as follows as of the respective dates indicated: Schedule of Commercial Real Estate Investment
|  | Net Book Value |  |  | Total Square Footage |
|  | June 30, 2025 |  |  | December 31, 2024 |  |  | June 30, 2025 |  |  | December 31, 2024 |
Utah (1) |  | $ | 124,049,860 |  |  | $ | 126,056,342 |  |  |  | 546,941 |  |  |  | 546,941 |
Louisiana |  |  | 18,255 |  |  |  | 18,586 |  |  |  | 1,622 |  |  |  | 1,622 |
|  | $ | 124,068,115 |  |  | $ | 126,074,928 |  |  |  | 548,563 |  |  |  | 548,563 |
(1) | Includes Center53
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2025 (Unaudited)
3) | Investments (Continued)
The Company’s commercial real estate held for sale is summarized as follows as of the respective dates indicated:
|  | Net Book Value |
|  | June 30, 2025 |  |  | December 31, 2024 |
Mississippi (1) |  | $ | 151,553 |  |  | $ | 151,553 |
|  | $ | 151,553 |  |  | $ | 151,553 |
(1) | Consists of approximately 93 acres of undeveloped land
Schedule of Real Estate Owned and Occupied by the Company | The primary business units of the Company occupy a portion of the real estate owned by the Company. As of June 30, 2025, real estate owned and occupied by the Company is summarized as follows: Schedule of Real Estate Owned and Occupied by the Company
Location |  | Business Segment |  | Approximate Square Footage |  |  | Square Footage Occupied by the Company |
433 Ascension Way, Floors 4, 5 and 6, Salt Lake City, UT - Center53 Building 2 (1) |  | Corporate Offices, Life Insurance, Cemetery/Mortuary Operations, and Mortgage Operations and Sales |  |  | 216,865 |  |  |  | 50 | %
1818 Marshall Street, Shreveport, LA (2) |  | Life Insurance Operations |  |  | 12,274 |  |  |  | 100 | %
812 Sheppard Street, Minden, LA (2) (3) |  | Life Insurance Sales |  |  | 1,560 |  |  |  | 100 | %
(1) | Included in real estate held for investment on the condensed consolidated balance sheets
(2) | Included in property and equipment on the condensed consolidated balance sheets
(3) | Listed for sale
Schedule of Residential Real Estate Investment | The Company’s residential real estate held for investment is summarized as follows as of the respective dates indicated: Schedule of Residential Real Estate Investment
|  | Net Book Value |
|  | June 30, 2025 |  |  | December 31, 2024 |
Utah (1) |  | $ | 88,976,901 |  |  | $ | 71,618,410 |
|  | $ | 88,976,901 |  |  | $ | 71,618,410 |
(1) | Includes multiple residential subdivision development projects, refer to the following tables.
The Company also invests in residential subdivision developments. The following table presents additional information regarding the Company’s residential subdivision development projects in Utah:
|  | June 30, 2025 |  |  | December 31, 2024 |
Lots developed |  |  | 246 |  |  |  | 231 |
Lots to be developed |  |  | 1,163 |  |  |  | 1,046 |
Book Value |  | $ | 88,807,255 |  |  | $ | 71,443,356 |
The Company’s residential real estate held for sale is summarized as follows as of the respective dates indicated:
|  | Net Book Value |
|  | June 30, 2025 |  |  | December 31, 2024 |
Utah |  | $ | 2,561,487 (1 | ) |  | $ | 849,900 |
Florida |  |  | - |  |  |  | 276,580 |
Georgia |  |  | 380,000 |  |  |  | - |
|  | $ | 2,941,487 |  |  | $ | 1,126,480 |
(1) | Includes a residential subdivision development project for $2,106,487
Schedule of Allowance for Loan Losses | The following table presents a roll forward of the allowance for credit losses as of the dates indicated: Schedule of Allowance for Loan Losses
|  | Three Months Ended |
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
Beginning balance - March 31, 2025 |  | $ | 1,021,730 |  |  | $ | 647,107 |  |  | $ | 339,755 |  |  | $ | 2,008,592 |
Change in provision for credit losses (1) |  |  | 157,537 |  |  |  | 482,785 |  |  |  | (8,170 | ) |  |  | 632,152 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance - June 30, 2025 |  | $ | 1,179,267 |  |  | $ | 1,129,892 |  |  | $ | 331,585 |  |  | $ | 2,640,744 |
Beginning balance - March 31, 2024 |  | $ | 859,622 |  |  | $ | 1,862,495 |  |  | $ | 199,497 |  |  | $ | 2,921,614 |
Change in provision for credit losses (1) |  |  | (10,299 | ) |  |  | (83,109 | ) |  |  | 25,646 |  |  |  | (67,762 | )
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance - June 30, 2024 |  | $ | 849,323 |  |  | $ | 1,779,386 |  |  | $ | 225,143 |  |  | $ | 2,853,852 |
|  | Six Months Ended |
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
Beginning balance - December 31, 2024 |  | $ | 732,494 |  |  | $ | 850,550 |  |  | $ | 302,346 |  |  | $ | 1,885,390 |
Change in provision for credit losses (1) |  |  | 446,773 |  |  |  | 279,342 |  |  |  | 29,239 |  |  |  | 755,354 |
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance - June 30, 2025 |  | $ | 1,179,267 |  |  | $ | 1,129,892 |  |  | $ | 331,585 |  |  | $ | 2,640,744 |
Beginning balance - December 31, 2023 |  | $ | 1,219,653 |  |  | $ | 2,390,894 |  |  | $ | 208,106 |  |  | $ | 3,818,653 |
Change in provision for credit losses (1) |  |  | (370,330 | ) |  |  | (611,508 | ) |  |  | 17,037 |  |  |  | (964,801 | )
Charge-offs |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Ending balance - June 30, 2024 |  | $ | 849,323 |  |  | $ | 1,779,386 |  |  | $ | 225,143 |  |  | $ | 2,853,852 |
(1) | Included in other expenses on the condensed consolidated statements of earnings
Schedule of Aging of Mortgage Loans | The following table presents the aging of mortgage loans held for investment by loan type as of the dates indicated: Schedule of Aging of Mortgage Loans
|  | Commercial |  |  | Residential |  |  | Residential Construction |  |  | Total |
June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days past due |  | $ | 480,796 |  |  | $ | 4,222,720 |  |  | $ | - |  |  | $ | 4,703,516 |
60-89 days past due |  |  | - |  |  |  | 797,124 |  |  |  | - |  |  |  | 797,124 |
Over 90 days past due (1) |  |  | 3,196,505 |  |  |  | 3,364,794 |  |  |  | - |  |  |  | 6,561,299 |
In process of foreclosure (1) |  |  | 191,508 |  |  |  | 2,189,399 |  |  |  | - |  |  |  | 2,380,907 |
Total past due |  |  | 3,868,809 |  |  |  | 10,574,037 |  |  |  | - |  |  |  | 14,442,846 |
Current |  |  | 67,311,440 |  |  |  | 82,082,892 |  |  |  | 165,707,402 |  |  |  | 315,101,734 |
Total mortgage loans |  |  | 71,180,249 |  |  |  | 92,656,929 |  |  |  | 165,707,402 |  |  |  | 329,544,580 |
Allowance for credit losses |  |  | (1,179,267 | ) |  |  | (1,129,892 | ) |  |  | (331,585 | ) |  |  | (2,640,744 | )
Unamortized deferred loan fees, net |  |  | (258,313 | ) |  |  | (1,275,782 | ) |  |  | (696,139 | ) |  |  | (2,230,234 | )
Unamortized discounts, net |  |  | (149,195 | ) |  |  | (120,411 | ) |  |  | - |  |  |  | (269,606 | )
Net mortgage loans held for investment |  | $ | 69,593,474 |  |  | $ | 90,130,844 |  |  | $ | 164,679,678 |  |  | $ | 324,403,996 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
30-59 days past due |  | $ | 2,100,000 |  |  | $ | 5,818,334 |  |  | $ | - |  |  | $ | 7,918,334 |
60-89 days past due |  |  | - |  |  |  | 845,980 |  |  |  | - |  |  |  | 845,980 |
Over 90 days past due (1) |  |  | 4,205,000 |  |  |  | 3,061,450 |  |  |  | - |  |  |  | 7,266,450 |
In process of foreclosure (1) |  |  | 191,508 |  |  |  | 3,942,392 |  |  |  | - |  |  |  | 4,133,900 |
Total past due |  |  | 6,496,508 |  |  |  | 13,668,156 |  |  |  | - |  |  |  | 20,164,664 |
Current |  |  | 56,256,577 |  |  |  | 78,393,631 |  |  |  | 151,172,733 |  |  |  | 285,822,941 |
Total mortgage loans |  |  | 62,753,085 |  |  |  | 92,061,787 |  |  |  | 151,172,733 |  |  |  | 305,987,605 |
Allowance for credit losses |  |  | (732,494 | ) |  |  | (850,550 | ) |  |  | (302,346 | ) |  |  | (1,885,390 | )
Unamortized deferred loan fees, net |  |  | (115,555 | ) |  |  | (1,307,539 | ) |  |  | (659,147 | ) |  |  | (2,082,241 | )
Unamortized discounts, net |  |  | (149,268 | ) |  |  | (123,348 | ) |  |  | - |  |  |  | (272,616 | )
Net mortgage loans held for investment |  | $ | 61,755,768 |  |  | $ | 89,780,350 |  |  | $ | 150,211,240 |  |  | $ | 301,747,358 |
(1) | Interest income is not recognized on loans which are more than 90 days past due or in foreclosure.
Schedule of Commercial and Residential Mortgage Loans By Credit Quality Indicator | The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2025: Schedule of Commercial and Residential Mortgage Loans By Credit Quality Indicator
Credit Quality Indicator |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Total |  |  | % of Total |
LTV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 17,393,534 |  |  | $ | 3,893,127 |  |  | $ | 15,600,000 |  |  | $ | 462,761 |  |  | $ | 837,745 |  |  | $ | 8,576,170 |  |  | $ | 46,763,337 |  |  |  | 65.70 | %
65% to 80% |  |  | 10,923,292 |  |  |  | 10,432,942 |  |  |  | 1,840,776 |  |  |  | 823,397 |  |  |  | - |  |  |  | - |  |  |  | 24,020,407 |  |  |  | 33.75 | %
Greater than 80% |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 396,505 |  |  |  | - |  |  |  | 396,505 |  |  |  | 0.56 | %
Total |  | $ | 28,316,826 |  |  | $ | 14,326,069 |  |  | $ | 17,440,776 |  |  | $ | 1,286,158 |  |  | $ | 1,234,250 |  |  | $ | 8,576,170 |  |  | $ | 71,180,249 |  |  |  | 100.00 | %
DSCR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
>1.20x |  | $ | 800,000 |  |  | $ | 13,893,127 |  |  | $ | 13,640,000 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,348,121 |  |  | $ | 33,681,248 |  |  |  | 47.32 | %
1.00x - 1.20x |  |  | 27,516,826 |  |  |  | 432,942 |  |  |  | 3,800,776 |  |  |  | 1,286,158 |  |  |  | 1,234,250 |  |  |  | 3,228,049 |  |  |  | 37,499,001 |  |  |  | 52.68 | %
<1.00x |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | 0.00 | %
Total |  | $ | 28,316,826 |  |  | $ | 14,326,069 |  |  | $ | 17,440,776 |  |  | $ | 1,286,158 |  |  | $ | 1,234,250 |  |  | $ | 8,576,170 |  |  | $ | 71,180,249 |  |  |  | 100.00 | %
The aggregate unpaid principal balance of commercial mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2024:
Credit Quality Indicator |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Total |  |  | % of Total |
LTV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 7,653,600 |  |  | $ | 24,600,000 |  |  | $ | 2,352,150 |  |  | $ | 864,128 |  |  | $ | - |  |  | $ | 8,867,779 |  |  | $ | 44,337,657 |  |  |  | 70.65 | %
65% to 80% |  |  | 10,432,942 |  |  |  | 1,840,776 |  |  |  | 823,397 |  |  |  | - |  |  |  | 4,913,313 |  |  |  | - |  |  |  | 18,010,428 |  |  |  | 28.70 | %
Greater than 80% |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 405,000 |  |  |  | - |  |  |  | - |  |  |  | 405,000 |  |  |  | 0.65 | %
Total |  | $ | 18,086,542 |  |  | $ | 26,440,776 |  |  | $ | 3,175,547 |  |  | $ | 1,269,128 |  |  | $ | 4,913,313 |  |  | $ | 8,867,779 |  |  | $ | 62,753,085 |  |  |  | 100.00 | %
DSCR |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
>1.20x |  | $ | 16,300,000 |  |  | $ | 20,990,000 |  |  | $ | 1,000,000 |  |  | $ | - |  |  | $ | 4,913,313 |  |  | $ | 5,414,274 |  |  | $ | 48,617,587 |  |  |  | 77.47 | %
1.00x - 1.20x |  |  | 432,942 |  |  |  | 5,450,776 |  |  |  | 2,175,547 |  |  |  | 1,269,128 |  |  |  | - |  |  |  | 3,453,505 |  |  |  | 12,781,898 |  |  |  | 20.37 | %
<1.00x |  |  | 1,353,600 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,353,600 |  |  |  | 2.16 | %
Total |  | $ | 18,086,542 |  |  | $ | 26,440,776 |  |  | $ | 3,175,547 |  |  | $ | 1,269,128 |  |  | $ | 4,913,313 |  |  | $ | 8,867,779 |  |  | $ | 62,753,085 |  |  |  | 100.00 | %
SECURITY NATIONAL FINANCIAL CORPORATION AND SUBSIDIARIES Notes to Condensed Consolidated Financial Statements June 30, 2025 (Unaudited)
3) | Investments (Continued)
The Company evaluates and monitors the credit quality of its residential mortgage loans by analyzing LTV and loan performance. The Company defines non-performing mortgage loans as loans more than 90 days past due and on a non-accrual status. Monitoring a residential mortgage loan increases when the loan is delinquent or earlier if there is an indication of impairment. The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2025:
Credit Quality Indicator |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Prior |  |  | Total |  |  | % of Total |
Performance Indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 7,487,073 |  |  | $ | 11,960,453 |  |  | $ | 11,323,978 |  |  | $ | 40,028,411 |  |  | $ | 2,906,955 |  |  | $ | 13,395,866 |  |  | $ | 87,102,736 |  |  |  | 94.01 | %
Non-performing (1) |  |  | 547,079 |  |  |  | 553,091 |  |  |  | 1,932,504 |  |  |  | 1,050,561 |  |  |  | - |  |  |  | 1,470,958 |  |  |  | 5,554,193 |  |  |  | 5.99 | %
Total |  | $ | 8,034,152 |  |  | $ | 12,513,544 |  |  | $ | 13,256,482 |  |  | $ | 41,078,972 |  |  | $ | 2,906,955 |  |  | $ | 14,866,824 |  |  | $ | 92,656,929 |  |  |  | 100.00 | %
(1) | Includes residential mortgage loans in the process of foreclosure of $2,189,399
LTV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 4,375,611 |  |  | $ | 5,643,851 |  |  | $ | 4,748,950 |  |  | $ | 5,470,866 |  |  | $ | 1,342,891 |  |  | $ | 6,918,135 |  |  | $ | 28,500,304 |  |  |  | 30.76 | %
65% to 80% |  |  | 3,219,478 |  |  |  | 6,057,761 |  |  |  | 7,634,155 |  |  |  | 34,527,759 |  |  |  | 1,564,064 |  |  |  | 6,810,313 |  |  |  | 59,813,530 |  |  |  | 64.55 | %
Greater than 80% |  |  | 439,063 |  |  |  | 811,932 |  |  |  | 873,377 |  |  |  | 1,080,347 |  |  |  | - |  |  |  | 1,138,376 |  |  |  | 4,343,095 |  |  |  | 4.69 | %
Total |  | $ | 8,034,152 |  |  | $ | 12,513,544 |  |  | $ | 13,256,482 |  |  | $ | 41,078,972 |  |  | $ | 2,906,955 |  |  | $ | 14,866,824 |  |  | $ | 92,656,929 |  |  |  | 100.00 | %
The aggregate unpaid principal balance of residential mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2024:
Credit Quality Indicator |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2020 |  |  | Prior |  |  | Total |  |  | % of Total |
Performance Indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 14,861,098 |  |  | $ | 10,030,848 |  |  | $ | 42,634,670 |  |  | $ | 3,076,901 |  |  | $ | 5,513,462 |  |  | $ | 8,940,966 |  |  | $ | 85,057,945 |  |  |  | 92.39 | %
Non-performing (1) |  |  | - |  |  |  | 3,442,992 |  |  |  | 1,451,039 |  |  |  | 291,359 |  |  |  | 311,116 |  |  |  | 1,507,336 |  |  |  | 7,003,842 |  |  |  | 7.61 | %
Total |  | $ | 14,861,098 |  |  | $ | 13,473,840 |  |  | $ | 44,085,709 |  |  | $ | 3,368,260 |  |  | $ | 5,824,578 |  |  | $ | 10,448,302 |  |  | $ | 92,061,787 |  |  |  | 100.00 | %
(1) | Includes residential mortgage loans in the process of foreclosure of $3,942,392
|  | Year 1 |  |  | Year 2 |  |  | Year 3 |  |  | Year 4 |  |  | Year 5 |  |  |  |  |  |  |  |  |  |
LTV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 6,241,730 |  |  | $ | 4,931,376 |  |  | $ | 5,488,954 |  |  | $ | 1,790,036 |  |  | $ | 2,440,002 |  |  | $ | 5,273,672 |  |  | $ | 26,165,770 |  |  |  | 28.42 | %
65% to 80% |  |  | 7,802,984 |  |  |  | 7,662,200 |  |  |  | 37,509,634 |  |  |  | 1,578,224 |  |  |  | 2,701,008 |  |  |  | 5,107,289 |  |  |  | 62,361,339 |  |  |  | 67.74 | %
Greater than 80% |  |  | 816,384 |  |  |  | 880,264 |  |  |  | 1,087,121 |  |  |  | - |  |  |  | 683,568 |  |  |  | 67,341 |  |  |  | 3,534,678 |  |  |  | 3.84 | %
Total |  | $ | 14,861,098 |  |  | $ | 13,473,840 |  |  | $ | 44,085,709 |  |  | $ | 3,368,260 |  |  | $ | 5,824,578 |  |  | $ | 10,448,302 |  |  | $ | 92,061,787 |  |  |  | 100.00 | %
Schedule of Residential Construction Mortgage Loans | The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of June 30, 2025: Schedule of Residential Construction Mortgage Loans
Credit Quality Indicator |  | 2025 |  |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Total |  |  | % of Total |
Performance Indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 71,979,788 |  |  | $ | 78,444,285 |  |  | $ | 10,507,327 |  |  | $ | - |  |  | $ | 4,776,002 |  |  | $ | 165,707,402 |  |  |  | 100.00 | %
Non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.00 | %
Total |  | $ | 71,979,788 |  |  | $ | 78,444,285 |  |  | $ | 10,507,327 |  |  | $ | - |  |  | $ | 4,776,002 |  |  | $ | 165,707,402 |  |  |  | 100.00 | %
LTV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 16,441,043 |  |  | $ | 38,732,904 |  |  | $ | 10,507,327 |  |  | $ | - |  |  | $ | 4,776,002 |  |  | $ | 70,457,276 |  |  |  | 42.52 | %
65% to 80% |  |  | 55,538,745 |  |  |  | 39,711,381 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 95,250,126 |  |  |  | 57.48 | %
Greater than 80% |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.00 | %
Total |  | $ | 71,979,788 |  |  | $ | 78,444,285 |  |  | $ | 10,507,327 |  |  | $ | - |  |  | $ | 4,776,002 |  |  | $ | 165,707,402 |  |  |  | 100.00 | %
The aggregate unpaid principal balance of residential construction mortgage loans by credit quality indicator and origination year was as follows as of December 31, 2024:
Credit Quality Indicator |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2021 |  |  | Total |  |  | % of Total |
Performance Indicators: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Performing |  | $ | 118,863,944 |  |  | $ | 21,375,552 |  |  | $ | 972,468 |  |  | $ | 9,960,769 |  |  | $ | 151,172,733 |  |  |  | 100.00 | %
Non-performing |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.00 | %
Total |  | $ | 118,863,944 |  |  | $ | 21,375,552 |  |  | $ | 972,468 |  |  | $ | 9,960,769 |  |  | $ | 151,172,733 |  |  |  | 100.00 | %
LTV: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Less than 65% |  | $ | 48,065,177 |  |  | $ | 21,375,552 |  |  | $ | 518,590 |  |  | $ | 9,960,769 |  |  | $ | 79,920,088 |  |  |  | 52.87 | %
65% to 80% |  |  | 70,798,767 |  |  |  | - |  |  |  | 453,878 |  |  |  | - |  |  |  | 71,252,645 |  |  |  | 47.13 | %
Greater than 80% |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 0.00 | %
Total |  | $ | 118,863,944 |  |  | $ | 21,375,552 |  |  | $ | 972,468 |  |  | $ | 9,960,769 |  |  | $ | 151,172,733 |  |  |  | 100.00 | %
Schedule of Aging of Insurance Assignments | The following table presents the aging of insurance assignments, included in other investments and policy loans on the condensed consolidated balance sheets: Schedule of Aging of Insurance Assignments
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
30-59 days past due |  | $ | 8,039,317 |  |  | $ | 8,785,184 |
60-89 days past due |  |  | 3,552,546 |  |  |  | 4,046,731 |
Over 90 days past due |  |  | 5,151,594 |  |  |  | 5,320,216 |
Total past due |  |  | 16,743,457 |  |  |  | 18,152,131 |
Current |  |  | 28,418,535 |  |  |  | 30,341,727 |
Total insurance assignments |  |  | 45,161,992 |  |  |  | 48,493,858 |
Allowance for credit losses |  |  | (1,481,032 | ) |  |  | (1,536,926 | )
Net insurance assignments |  | $ | 43,680,960 |  |  | $ | 46,956,932 |
Schedule of Allowance for Credit Losses | The following table presents a roll forward of the allowance for credit losses for insurance assignments as of the dates indicated: Schedule of Allowance for Credit Losses
|  | Three Months Ended |
Beginning balance - March 31, 2025 |  | $ | 1,517,783 |
Change in provision for credit losses (1) |  |  | 257,253 |
Charge-offs |  |  | (294,004 | )
Ending balance - June 30, 2025 |  | $ | 1,481,032 |
Beginning balance - March 31, 2024 |  | $ | 1,587,525 |
Change in provision for credit losses (1) |  |  | 242,046 |
Charge-offs |  |  | (294,247 | )
Ending balance - June 30, 2024 |  | $ | 1,535,324 |
|  | Six Months Ended |
Beginning balance - December 31, 2024 |  | $ | 1,536,926 |
Change in provision for credit losses (1) |  |  | 551,051 |
Charge-offs |  |  | (606,945 | )
Ending balance - June 30, 2025 |  | $ | 1,481,032 |
Beginning balance - December 31, 2023 |  | $ | 1,553,836 |
Change in provision for credit losses (1) |  |  | 492,613 |
Charge-offs |  |  | (511,125 | )
Ending balance - June 30, 2024 |  | $ | 1,535,324 |
(1) | Included in other expenses on the condensed consolidated statements of earnings
Schedule of Gain (Loss) on Investments | The following table presents the realized gains and losses from sales, calls, and maturities, and unrealized gains and losses on equity securities from investments and other assets: Schedule of Gain (Loss) on Investments
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  | $ | 453 |  |  | $ | 24,031 |  |  | $ | 1,521 |  |  | $ | 24,334 |
Gross realized losses |  |  | 30,029 |  |  |  | (36,646 | ) |  |  | (12,257 | ) |  |  | (37,499 | )
Net credit loss provision |  |  | 20,313 |  |  |  | 16,289 |  |  |  | (65,993 | ) |  |  | (79,711 | )
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains (losses) on securities sold |  |  | 15,981 |  |  |  | 43,733 |  |  |  | 130,108 |  |  |  | (17,370 | )
Unrealized gains on securities held at the end of the period |  |  | 793,404 |  |  |  | (424,455 | ) |  |  | 1,066,880 |  |  |  | 1,118,405 |
Real estate held for investment and sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | 202,389 |  |  |  | 38,890 |  |  |  | 596,915 |  |  |  | 288,852 |
Gross realized losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (39,081 | )
Other assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross realized gains |  |  | 81,867 |  |  |  | - |  |  |  | 88,392 |  |  |  | 35,486 |
Gross realized losses |  |  | (1,729 | ) |  |  | (39,081 | ) |  |  | (76,838 | ) |  |  | (1,229 | )
Total |  | $ | 1,142,707 |  |  | $ | (377,239 | ) |  | $ | 1,728,728 |  |  | $ | 1,292,187 |
Schedule of Accrued Investment Income | Accrued investment income consists of the following: Schedule of Accrued Investment Income
|  | As of June 30, 2025 |  |  | As of December 31, 2024 |
Fixed maturity securities available for sale |  | $ | 4,149,857 |  |  | $ | 3,795,581 |
Equity securities |  |  | 10,000 |  |  |  | 11,049 |
Mortgage loans held for investment |  |  | 1,211,558 |  |  |  | 1,049,489 |
Real estate held for investment |  |  | 4,229,979 |  |  |  | 3,559,463 |
Other investments |  |  | 30,917 |  |  |  | - |
Cash and cash equivalents |  |  | 27,400 |  |  |  | 83,586 |
Total accrued investment income |  | $ | 9,659,711 |  |  | $ | 8,499,168 |

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- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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- Definition Tabular disclosure of how the entity's reporting under GAAP as of the balance sheet date differs from the results based on prescribed and permitted accounting practices of the state or country of domicile in which a relevant statutory filing is made, or differences in results based on the National Association of Insurance Commissioners (NAIC) prescribed practices, or a combination thereof. Describes the accounting practices used and the related monetary effect on statutory surplus, net income, and risk-based capital. If an insurance enterprise's risk-based capital would have triggered a regulatory event had it not used a permitted practice, that fact is disclosed in the financial statements. Permitted statutory accounting practices include practices not prescribed but allowed by the domiciliary state insurance department regulatory authority. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 505 -Name Accounting Standards Codification -Section 55 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478420/944-505-55-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477908/944-505-50-5 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477908/944-505-50-3 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477908/944-505-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1 + Details
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